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of <h1>IBC 2016: Default Threshold for Corporate Insolvency Raised to Rs. 1 Crore; Pre-Packaged Insolvency at Rs. 10 Lakh</h1> The Insolvency and Bankruptcy Code (IBC) 2016 outlines the Corporate Insolvency Resolution Process (CIRP) for corporate persons. A 'default' is defined as the non-payment of a due debt. Section 4 of the IBC applies when the default amount is at least Rs. 100,000, with a possible increase to Rs. 1 Crore by government notification. During COVID-19, the threshold was temporarily raised to Rs. 1 Crore. For pre-packaged insolvency, the threshold is Rs. 10 lakh. The government extended the default period due to the pandemic, but this extension is no longer applicable. Part II of the IBC covers insolvency and liquidation processes.
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